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Facing Foreclosure: Can You Sell Your Home?

Various circumstances can lead someone to face foreclosure. For those dealing with it for the first time, it's hard to discern what the process entails and what to do about it. There are a few ways you can tackle foreclosure. One possible option is to sell your home. However, is it possible? Check out whether that's the case and how you can sell a house fast in Calgary

Possible Solution to Foreclosure: Sell a House Fast in Calgary 

What is Foreclosure?

Before tackling what to do about foreclosure, you must have a solid understanding of what it is exactly. The legal process of foreclosure involves the lender or bank (the mortgagee) selling or taking ownership of a property when the borrower and property owner (the mortgagor) defaults on the mortgage. 

Yet, what broken condition counts as a default on a mortgage? Here are a few common examples:

  • Failing to pay mortgage payments
  • Failure to pay property taxes or condo fees
  • Not insuring the property
  • Allowing notable damage to occur to the property
  • Going bankrupt or insolvent

Yet, when it comes to the details of the process, it varies depending on where you live. For instance, Alberta has plenty of laws that apply to foreclosures that other provinces don't have. If you need to familiarize yourself with the process, becoming acquainted with the existing laws can help you figure out what you can do and your rights.

Options For Tackling Foreclosure

In Alberta, there are four choices you can make about how to deal with foreclosure. Firstly, some can choose to do nothing about it. There are better options than this since you will lose your property and may still owe the lender money. 

Commonly, another option is for people to negotiate with the lender to solve the problem. It's usually resolved by making a payment plan with the lender. If you wish to fight against foreclosure, you can go to court over it. 

Typically, a foreclosure will go to court for these reasons:

  • Find a way to keep the property by cooperating with the lender - addressing amounts outstanding and solicitor-client costs.
  • Ask for more time before a foreclosure order with a good reason for it (usually the foreclosure process can take less than three months to a year or more).
  • Challenge any part of the foreclosure process (e.g. personal liability if you have a home equity line of credit).

And lastly, your final option is selling your house to help pay for the amount owing from its proceeds. 

How to Sell a House Fast in Calgary From Foreclosure

There are various ways you can sell your home quickly. Yet, there are a few key factors, such as pricing your house and how to market it. 

Here are a few you should keep in mind to help your home get sold faster:

  • Don't try to salvage equity that does not exist.
  • Don't overprice or go too low on your home. 
  • Have your home listed on popular real estate sites. 
  • Promote on social media via great photos & videos.
  • Stage your home properly for viewing. 
  • Offer certain perks to attract value. 

Alternatively, if the undertaking is too grand, it's always great to have the assistance of a company of home buyers in Calgary to help make the process easy and stress-free. 

Sell your house fast with Cashyn Homes. As trustworthy and professional home buyers in Calgary, we make selling your home privately stress-free and secure. All you have to do is provide us with information about your home. We then give you a firm offer for your home using local real estate data and a sense of empathy. If you accept it, we'll send you an instant transfer - it's that easy. There are no obligations, commissions, showings, commissions or headaches; it's the simple way to sell your home and get the money you want for it. Experience a new way to sell your home with Cashyn Homes. Contact us at (587) 600-1248.